HMV deal allows the music to play on

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Music chain HMV will continue to sell the latest blockbusters and music releases after securing stock from most of its suppliers.

Administrators of the chain – which collapsed last month– said agreements had been reached so stocks can be replenished.

This move came after administrators announced 66 loss-making shops will close and nearly 1,000 jobs will go in the next two months.

The group, which now has 220 UK stores, called in administrators from Deloitte last month. Rescue hopes rose after restructuring company Hilco – the group behind HMV Canada – bought the firm’s debt.

Administrator Nick Edwards said: “Discussions are progressing with a number of parties interested in both the business as a going concern and individual assets despite the high fixed cost base associated with a store network.

“Landlords have been generally flexible and supportive and we hope to continue working closely with them to restructure the business and seek to secure its future.”

Boss Trevor Moore was among redundancies last week when 60 staff left offices in London, Buckinghamshire and Solihull.